Pfizer will face a class action lawsuit by investors who claim that the drugmaker’s Wyeth unit failed to disclose information about its antidepressant Pristiq’s negative effects on the heart and liver. Two pension funds claim that Pfizer’s Psubsequent disclosure of the drug’s negative effects caused the company’s stock to drop.
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Pfizer’s Wyeth ordered to face class-action over Pristiq (Yahoo)
Pfizer’s Wyeth ordered to face class-action over Pristiq (Reuters)
Pfizer has always been secretive and sneaky. In the 1970’s I had a friend whose father was a regional director with this company and he was always very circumspect and tight lipped about what he and this company did. Even back then they were having some problems with the government and were doing things that just didn’t seem right at the tie. So, this isn’t something new for this company, even though they originally didn’t have the company under their umbrella that is causing all of this trouble right now.
This could be the way to bring these companies down. If investors start complaining about non disclosure of important side effects that later make stocks drop, it will make the stocks drop further!! Maybe in a death spiral!
I wonder if individual psychiatrists are liable for not disclosing these risks to their patients, case in point heart and liver problems with Pristiq?